Mastery Problemt Long-Term Assetst Fixed and Intangible Pattersoe Plansing Corp. You have been hired by Pattesson Fianititi. Corp, an events planning compawy that recently had o fre in anich some of the occounting records were dartaged. In reviening the fied asset recarts, you find three degrecition schedules that are not labeled. They are listed in the following table. One of the assets has a deprecimion rate of 14.40 per hour. Depreciation 1. Determene which depreciation method is shoen if each schedise on the Pattersan Pianring Corp. pasel. Then match each schedule to the asset descrigtich that best charactenaw the type of assets often depreciated wing that method. tertad v cosen if whar Thirk about tee depreciation is computed undert boch mathod. Final Questions Review the deprecition schedules on the Patterson Plaoning Corp. pasel, then answer the following questions. 1. How would you adjust Sthedule B if, at the beginning of Year 3, the asset was estimated to have 5 more vears of ife remaining, but wath a residual value that was 52,000 higher? The tisal depreciation for this asset now will be 1 The depreciatien amount for year 3 will be 1 2. What is thn difference between the jeurnal entries for discarding or seiling a fixed asset? The joamal entry to aifers from the other entry because 3. Complete the foliowing sentences about deoreciation. (A) When a foed asset is fully cegreciated it is (B) The balance of the accumulated deprecabon account represents the total amount that has been depreciated the tranver of the cost of a fixnd asset to expense